According to my understanding of the basic worldbuilding of The Matrix, the current Matrix shown in the movie series was its version 3, iteration 6. By design of the Architect, in each iteration of the world, Neo will be inevitably created as the byproduct from all errors in the system. Neo will be allowed to leave Matrix, then only to be eventually reinserted into the system again as a patch. This allows the restabilization of the system, and restart the Matrix for the next iteration. Finally the cycle repeats again. Also, Zion is created and destroyed in each cycle as well.
At the end of The Matrix Revolutions, the Matrix was restarted again after Smith has been defeated. However, the final dialogue between the Architect and the Oracle was a bit ambiguous and confusing to me.
Architect: You’ve played a very dangerous game.
Oracle: Change always is.
Architect: Just how long do you think this peace is going to last?
Oracle: As long as it can.
Oracle: What about the others?
Architect: What others?
Oracle: The ones that want out.
Architect: Obviously, they will be freed.
In this dialogue, it seems that the operators of the Matrix agreed to change how the system is fundamentally operated and stop using the Matrix as an instrument to trap humanity, and implies the end of the previous cyclic history.
However, in the final lines...
Sati: Will we ever see him again?
Oracle: I suspect so. Someday.
Seraph: Did you always know?
Oracle: Oh no. No, I didn’t. But I believed. I believed.
It showed the Oracle believes that Neo will eventually reemerge, and it implies the continued existence of the Matrix and the repetition of history.
What really happened to the Matrix after the end of Revolutions? Nothing happened and it was just a new iteration? Or was it that the operators started to dismantle it? Or that the Matrix continued to exist, but the operators agreed to change the way it is operated?